OREANDA-NEWS. Fitch Ratings has affirmed GS Mortgage Securities Corporation II, GSMS Trust 2009-RR1. A detailed list of the rating actions follows at the end of this release.

KEY RATING DRIVERS

This transaction is a resecuritization of a pari passu ownership interest in four commercial mortgage-backed certificates, none of which are rated by Fitch: CSMC 2006-C5 class A-3, GCCFC 2006-GG7 class A-4, JPMCC 2006-LDP8 class A-4, and MLCFC 2006-4 class A-3.

Credit Suisse Commercial Mortgage Trust 2006-C5 is currently backed by a pool of 217 multifamily and commercial mortgage loans and A-3 has 37.85% credit enhancement (CE) in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.1 billion.

ML-CFC Commercial Mortgage Trust 2006-4 is currently backed by a pool of 199 multifamily and commercial mortgage loans and A-3 has 45.30% CE in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.3 billion.

CE for classes CS-A, ML-A, ML-A3, and ML-A5 is approximately 50% and is provided by the structural support of each respective underlying transaction and each respective subordinate class in the resecuritization.

CE for classes ML-A1 is approximately 75% and is provided by the structural support of the respective underlying transaction and the respective subordinate class in the resecuritization.

CE for ML-A2 and ML-A4 is approximately 63% and is provided by the structural support of the respective underlying transaction and the respective subordinate class in the resecuritization.

Any extraordinary expenses incurred by the Trustee are paid first from an expense reserve in the amount of $100,000 per group ($400,000 total). Once the reserve is depleted, extraordinary expenses will be paid from available interest, then available principal.

Fitch reviewed the underlying collateral and performed loan-level stressed analysis under the criteria described in 'U. S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U. S. Re-REMIC Criteria', Nov. 13, 2015.

RATING SENSITIVITIES

All the ratings maintain Stable Outlooks as there are no rating changes expected due to the significant implied credit enhancement on each of the rated Re-REMIC bonds.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes as indicated:

--$15,553,848 class CS-A at 'AAA'; Outlook Stable;

--$26,377,434* class ML-A at 'AAA'; Outlook Stable;

--$13,188,717** class ML-A1 at 'AAA'; Outlook Stable;

--$6,594,359** class ML-A2 at 'AAA'; Outlook Stable;

--$6,594,359** class ML-A3 at 'AAA'; Outlook Stable;

--$19,783,076** class ML-A4 at 'AAA'; Outlook Stable;

--$13,188,717** class ML-A5 at 'AAA'; Outlook Stable.

*Exchangeable REMIC certificates.

** Exchangeable certificates.

Classes GG-A, GG-A1, GG-A2, GG-A3, GG-A4, GG-A5, JP-A, JP-A1, JP-A2, JP-A3, JP-A4 and JP-A5 paid in full.

Fitch does not rate classes CS-B, GG-B, JP-B, and ML-B.

This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. The class ML-A, ML-A1, ML-A2, ML-A3, ML-A4, and ML-A5 certificates are exchangeable certificates.